ING buys back shares and distributes dividends

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ING buys back shares and distributes dividends

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The program amounts to 2.5 billion euros

The Dutch banking group ING Groep NV is launching a share buyback and dividend distribution program worth 2.5 billion euros, Reuters announces.

At the same time, ING improves its estimates regarding the results for the whole year 2024, against the background of a profit above expectations recorded in the third quarter.

ING reported yesterday that, in the July-September 2024 period, it made a net profit of 1.88 billion euros and a net interest income of 3.69 billion euros.

"We registered even more growth in lending activity and deposits, as well as commissions, we have very good performances. This made us believe that we can increase our income even more", said the general director of ING, Steven van Rijswijk, notes Agerpres.

The largest Dutch bank said it had revised up its full-year 2024 revenue forecast to 22.5 billion euros from 22 billion euros previously. ING also improved its cost-to-income estimates to 53%, from 54% previously, and its return on equity (ROE) target to over 13%, from 12% previously.

In parallel, ING decided to distribute cash dividends to shareholders in the amount of 500 million euros, to which is added a share buyback program with a maximum value of two billion euros.

Like many other European banks, ING has accumulated capital thanks to the boost it received from high interest rates in recent years. The bank has promised to continue to reward its shareholders, as it has bought back euro9.8 billion worth of its own shares since the end of 2021 to date, including a euro2.5 billion program that was completed during this month.

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